Ask Experts Questions for FREE Help !
Ask
    pacermb's Avatar
    pacermb Posts: 9, Reputation: 1
    New Member
    		  
    #1

    Aug 19, 2007, 06:53 AM
    Taxes on inhertiance
    I received $80,000 from the sale of property when my mother died. I put it in a CD in the bank in May. Do I need to put it in a IRA or something before the end of the year to avoid losing it all to taxes?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Aug 19, 2007, 07:25 AM
    No INCOME taxes will be due on the $80K.

    Any estate taxes due were already paid by the estate before you got the money.

    The only tax you will have to pay is on the interest earned on the CD.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

I did not file my taxes but had taxes taken out of my check [ 14 Answers ]

I'm kind of worried here... I don't know why I didn't, but it is what it is. I just didn't file my taxes for 2005 and 2006. I also worked for a company in 2004 that paid me in personal buisiness checks that I would cash at citibanks, etc. but they never had me fill out any paperwork and never...

Taxes W2 [ 1 Answers ]

I never received my W2 from my former employer. What do I do to report them? They were very aweful to me and I am sure that this was no accident. I know that it's against the law to withhold a persons W2 but I have no idea how to get my records any other way.:(

Taxes [ 1 Answers ]

If I make a base salary of $37,000. What does that put my paycheck at bi-weekly? Living in California. I am single and will claim 1.

Filing for 2004 taxes and 2005 taxes [ 1 Answers ]

Hi I just received my W2 from my employer and there were 2 W2's. One W2 was for the wages of Dec 2004 (since the employer pays 1 month delayed salary) and the other one was for Jan - Nov 2005. I want to know if I can refile my 2004 taxes since I just got my Dec 2004's W2. If I add that...

Help with Taxes [ 1 Answers ]

Hi Atlanta Tax Expert I too bought TurboTax but am confused as how to file taxes for my wife, who is on H4 Can you email me the fee you charge for filing tax returns? My id is: [email protected] Thanks! Srikant

View more questions Search